All you need to know about Oil now

Things you need to know about Oil

Technical side of Oil:

After complete the double bottom setup, Oil continues to rally and reach the target of the pattern.

Oil double bottom

However, the rally shows a clear 5 waves Elliot circle, which signals an imminent correction following. Oil tops 40USD /barrel as of the time writing this post. Our target for wave 5 should be at least 41USD/ barrel.

Oil Eilliot wave count

Fundamental side of Oil:

Despite the stubbornness of Iran, the output of OPEC producers decreases 200,000 bpd this month. ( drop from 32.65 to 32.37 mbpd, which strongly supports the rally of Oil during the time)

Opec production

Below are the productions number (mpbd) of each OPEC members: you can easily spot which countries accept to reduce their productions, which in